GreenPoint Brokers Targeted by New York
Two New York mortgage brokers have settled charges that they charged minorities thousands of dollars more in fees, while a third broker faces a lawsuit by the state and more brokers face investigations. The actions were prompted by an investigation into defunct wholesaler GreenPoint Mortgage Funding Inc.
HCI Mortgage and Consumer One Mortgage have entered an agreement with New York's attorney general, a press release today said.
Between the two companies, there are more than 20 branches throughout the state.
read full story
Revised Appraisal Code Irks Brokers, Appraisers
Mortgage brokers are unhappy with the revised appraisal code -- which they say won't stop crooked appraisers from fraudulently inflating fair market values. Appraisers, meanwhile, question the use of appraisal management companies and computer generated values.
Mortgage Brokers Sue HUD
Mortgage brokers are suing the U.S. Department of Housing and Urban Development over new yield-spread premium disclosure requirements under the Real Estate Settlement Procedures Act.
Broker Originated Through Unlicensed LOs
A California mortgage broker is accused by county prosecutors of originating loans through unlicensed loan officers.
Brokers Settle Deceptive Advertising Claims
Five mortgage brokers operating in Colorado have settled allegations of deceptive advertising. Another broker settled charges of mortgage fraud.
3 Brokers Elected to Fla Legislature
Three mortgage brokers were elected to Florida's legislature. The trio attribute their success to political activity, volunteer work and professional experience.
|
|
CitiMortgage Reduces Broker Business
CitiMortgage is slashing the number of mortgage brokers it does business with -- leading to hundreds of layoffs. Business from a smaller and more productive group of brokers will ultimately be channeled through offices in Missouri and Texas.
Broker Share, Loan Profits Decline
A new trade group report indicated broker share fell last year as retail and correspondent share rose. Mortgage bankers saw losses climb more than $500 for each loan they originated, though servicing profits per loan nearly doubled.
Bad Loans, Bad Investments
Five Southern California mortgage brokers have been charged by the Securities and Exchange Commission with allegedly placing borrowers in unaffordable subprime loans to finance unsuitable securities -- earning commissions every step of the way.
Mortgage Jobs Off, Brokers Up
An increase in the number of brokers wasn't enough to push overall mortgage employment higher in a monthly government report.
